Do the time

A U.S. appeals court has embarrassed prosecutors by tossing guilty verdicts against insider traders and an ex-Goldman programmer. Former Jefferies broker and convicted fibber Jesse Litvak argues for similar treatment. His punishment may have been harsh, but it deserves to stick.

Context News

The U.S. Court of Appeals in New York is scheduled to hear oral arguments on May 13 in former Jefferies managing director Jesse Litvak’s bid to overturn his conviction for defrauding mortgage bond investors after the 2008 financial crisis.

A New Haven, Connecticut jury found Litvak guilty on March 7, 2014. He was sentenced to two years in prison.

The appeals court said in a brief order last October that Litvak had raised “a substantial question of law or fact likely to result in reversal.”